10 Dec 2007 14:30 Africa/Lagos
Ernst & Young Issues 2008 US Outlook for the Life Insurance Industry
NEW YORK, Dec. 10 /PRNewswire/ --
In 2008, regulatory issues will confront the insurance industry and put increasing pressure on companies to become more efficient, enhance technology-related processes and alter their business models, according to Ernst & Young's Global Insurance Center. Moreover, in spite of continued financial growth, life insurance companies need to maximize existing opportunities to meet the growing demand for cost-effective products for baby boomers and the underserved middle-market.
"While net operating gains in the insurance sector are expected to increase in 2008, insurers can by no means become complacent next year," said Doug French, Managing Principal of Ernst & Young's Insurance and Actuarial Advisory Services. "The fundamentals of the insurance industry seem to be inevitably shifting, and executives must work constantly to stay ahead of these trends that will affect their product lines, their investment strategies and their corporate infrastructure."
Ernst & Young has identified the seven important issues that may shape the life insurance sector in 2008:
1. Retirement Income: The best prospect for organic growth in the
insurance industry is found in the 35 million middle-wealth baby
boomers facing the realities of retirement. As they shift their
defined contribution plans, they may seek predictable, low-cost,
income-producing financial products. That said, insurance companies
could be more aggressive in competing with other financial services
institutions that target this segment.
2. Financial Events: Over the past five years, insurers have increased
their investments in alternative asset classes, which has led to
greater credit risk exposure. Now is the time to take action and
focus on building risk infrastructure and creating more transparency
commensurate with the nature of these important investments.
Organizations that embrace the people, systems and processes to
accurately comprehend and manage the risks of these asset classes may
gain an edge.
3. Technology: Insurers could take a comprehensive view of data
governance and management as they attempt to create a more efficient,
interconnected technology environment. In 2008, many insurers may
still be forced to expend resources integrating data from disparate
systems, but they could quickly move ahead of the trend toward
centralizing IT infrastructure (data centers, servers and converged
networks).
4. Offshoring: As insurance companies challenge their growing expenses,
they may become increasingly reliant on alternative sourcing
strategies, especially as outsourcing service providers expand their
offerings. However, insurance companies need to implement risk
management programs for outsourcing/offshoring, because risks from
service interruption, customer data, information security and privacy
exposures could far outweigh any benefits from cost reduction.
5. Solvency II: The implementation of Solvency II (SII) may pose a
considerable challenge with far reaching implications for insurers.
Besides the extensive improvements to systems, processes and data SII
calls for, the convergence of accounting, risk and actuarial
information may also challenge traditional actuarial practitioners to
develop more sophisticated financial and risk management
methodologies and more efficient deployment of capital.
6. International Financial Reporting Standards: Regardless of the
implementation date being delayed, there is no time to waste for
International Financial Reporting Standards (IFRS) preparation.
Companies need to develop a plan that includes steps to assess the
impact of the proposals on their financial statements, educate key
employees and constituents, and evaluate the readiness of their
organization for implementation.
7. Tax Issues and Implications: Debate on tax rules that would require
dividends to again be taxed as ordinary income, raise the capital
gains rate to 20 percent, and change current estate tax regulation is
not expected to heat up until after the 2008 election. Essentially, a
new President and Congress may be forced to deal with many tax
decisions, most of which may require tax increases. Unfortunately,
the impact of future tax legislation on insurers and any implications
this will have on product offerings may remain unclear for some time.
"The life insurance industry seems to be on firm financial ground, which is good news: insurers are doing many things right. But, in some ways, the obstacles for continued growth have never been higher," said French. "To remain competitive, executives must continue to foster innovation in their products, develop new ways to manage and oversee both risk and capital management, and prepare now for a torrent of new regulations that may very well revolutionize this industry in the next decade."
The complete Life Insurance Industry 2008 Outlook report can be found at www.ey.com/insurance.
About the Ernst & Young Global Insurance Center
The Global Insurance Center is the hub of the Ernst & Young network of professionals dedicated to serving the global insurance market. It connects our people around the globe, sharing information and experience on current and emerging industry issues. Our goal is to help global insurance clients address their complex issues by drawing on a broad range of services including: assurance, tax, actuarial and risk management, transaction advisory services, and technology advisory to support these services.
About Ernst & Young
Ernst & Young is a global leader in assurance, tax, transaction and advisory services. Worldwide, our 130,000 people are united by our shared values and an unwavering commitment to quality.
For more information, please visit www.ey.com
Ernst & Young refers to the global organization of member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients.
This press release has been issued by EYGM Limited, a member of the global Ernst & Young organization that also does not provide any services to clients.
Source: Ernst & Young
CONTACT: Jennifer Kuhl of Peppercom, +1-212-931-6111,
jkuhl@peppercom.com, for Ernst & Young; or Katie Johnston of Ernst & Young,
+1-212-773-7194, katie.johnston@ey.com
Web site: http://www.ey.com/
http://www.ey.com/insurance
Monday, December 10, 2007
Monday, November 05, 2007
Insurance You Can Understand
5 Nov 2007 22:10 Africa/Lagos
Insurance You Can Understand
Access America Launches New Policy with Customer-Friendly Language
RICHMOND, Va., Nov. 5 /PRNewswire-USNewswire/ --
Access America, a leading travel insurance provider, today announced the launch of its "customer-friendly" Certificate of Insurance or Policy. This is the document that explains the insurance coverage purchased by the customer. The document has been completely rewritten in language that is easy for a novice to understand.
(Photo: http://www.newscom.com/cgi-bin/prnh/20071105/6397)
This is just the latest innovation for Access America which has recently redesigned its website, brochures and claim forms. "We took a hard look at how we present information to our customers and decided we could do better," said Mark Cipolletti, vice president of marketing communications for Access America. "Unfortunately, many people have a negative view of insurance because they've had difficulty understanding their coverage or interacting with their provider. We're trying to change that perception and build a deeper trust with our customers."
The design of the document has also been improved to make its content more digestible. The new layout makes better use of white space, charts help with navigation and unfamiliar "industry" terms are avoided.
The new certificate, or policy, has been approved by over 30 State Departments of Insurance and officially debuted on November 1. The document will be filed in all 50 states, plus the District of Columbia, by Access America's new underwriter, Jefferson Insurance Company. Jefferson was purchased by Access America's parent company, World Access, earlier this year.
About Access America
Access America provides travel insurance and assistance to millions of travelers each year and is a division and service mark of World Access Service Corp. A global leader in travel insurance and emergency assistance, Access America uses cutting-edge technology to deliver customized solutions to enhance value for resorts, airlines, travel agents, credit card companies and more. Access America is a division and service mark of World Access Service Corp., which is a member of the Mondial Assistance Group and part of the Allianz family of companies. Visit www.accessamerica.com.
Photo: http://www.newscom.com/cgi-bin/prnh/20071105/6397
http://photoarchive.ap.org/
PRN Photo Desk, photodesk@prnewswire.com
Source: Access America
CONTACT: Caroline Platt, +1-804-788-1414, cplatt@hodgespart.com, for
Access America
Web Site: http://www.accessamerica.com/
USEFUL LINK:
http://www.allinsuranceprofessionals.com/
Insurance You Can Understand
Access America Launches New Policy with Customer-Friendly Language
RICHMOND, Va., Nov. 5 /PRNewswire-USNewswire/ --
Access America, a leading travel insurance provider, today announced the launch of its "customer-friendly" Certificate of Insurance or Policy. This is the document that explains the insurance coverage purchased by the customer. The document has been completely rewritten in language that is easy for a novice to understand.
(Photo: http://www.newscom.com/cgi-bin/prnh/20071105/6397)
This is just the latest innovation for Access America which has recently redesigned its website, brochures and claim forms. "We took a hard look at how we present information to our customers and decided we could do better," said Mark Cipolletti, vice president of marketing communications for Access America. "Unfortunately, many people have a negative view of insurance because they've had difficulty understanding their coverage or interacting with their provider. We're trying to change that perception and build a deeper trust with our customers."
The design of the document has also been improved to make its content more digestible. The new layout makes better use of white space, charts help with navigation and unfamiliar "industry" terms are avoided.
The new certificate, or policy, has been approved by over 30 State Departments of Insurance and officially debuted on November 1. The document will be filed in all 50 states, plus the District of Columbia, by Access America's new underwriter, Jefferson Insurance Company. Jefferson was purchased by Access America's parent company, World Access, earlier this year.
About Access America
Access America provides travel insurance and assistance to millions of travelers each year and is a division and service mark of World Access Service Corp. A global leader in travel insurance and emergency assistance, Access America uses cutting-edge technology to deliver customized solutions to enhance value for resorts, airlines, travel agents, credit card companies and more. Access America is a division and service mark of World Access Service Corp., which is a member of the Mondial Assistance Group and part of the Allianz family of companies. Visit www.accessamerica.com.
Photo: http://www.newscom.com/cgi-bin/prnh/20071105/6397
http://photoarchive.ap.org/
PRN Photo Desk, photodesk@prnewswire.com
Source: Access America
CONTACT: Caroline Platt, +1-804-788-1414, cplatt@hodgespart.com, for
Access America
Web Site: http://www.accessamerica.com/
USEFUL LINK:
http://www.allinsuranceprofessionals.com/
Thursday, November 01, 2007
Health Insurance Agents Warn Against Imposing a 'Health Care Reform' Tax in California
Health Insurance Agents Warn Against Imposing a 'Health Care Reform' Tax in California
AGENT ASSOCIATIONS REMIND LAWMAKERS CALIFORNIA PREMIUMS ARE 17 PERCENT BELOW NATIONAL AVERAGE
SACRAMENTO, Calif., Oct. 31 /PRNewswire-USNewswire/ --
At the Assembly Health Committee's hearing on Governor Arnold Schwarzenegger's health care reform plan, the California Association of Health Underwriters (CAHU) and the National Association of Insurance and Financial Advisors-California (NAIFA-California) urged lawmakers to avoid the mistakes made in New York and New Jersey, mistakes that have resulted in premiums more than 350 percent higher than in California, reminding them that individual health insurance premiums are 17 percent below the national average.
New York and New Jersey's mistakes were in mandating carriers to accept all applicants for coverage without effectively requiring residents to obtain coverage. "Without a requirement to both buy and to sell coverage, the cost of health insurance will skyrocket," warned Alan Katz, an independent health insurance agent and Vice President of Public Affairs for CAHU who spoke on behalf of both associations. "New York and New Jersey have demonstrated that if done wrong, the result is a health care reform tax on citizens who play by the rules. This tax is substantial and it's grossly unfair."
The agent groups noted that requiring Californians to obtain coverage means helping those for whom premiums are too expensive and called for premium subsidies, on a sliding scale, for residents in households earning up to 400 percent of the Federal Poverty Level ($82,600 for a family of four).
The associations also urged legislators to deliver on the promises it has made to the people of California before making new ones. "Nearly one million Californians are eligible for, but are not enrolled in, Healthy Families and Medi-Cal. The state needs to prove it can fix this travesty before promising to expand these programs or creating new ones. Yet the most recent budget cut roughly $66 million targeted for this purpose. Making promises is easy. Delivering on them is tough, but making those promises real is what Californians deserve," Katz declared.
The associations' testimony identified several areas where reform is needed, including achieving universal coverage and controlling skyrocketing medical costs. Katz noted that "health insurance premiums directly reflect the cost of medical care" and commended the Governor for proposing ways of reigning in these costs by seeking to leverage technology, improve medical outcomes, promote best practices and expand wellness and prevention programs.
The agent associations took issue with other aspects of the Administration's health care reform plan. "We believe regulators need to have the flexibility to assure a mandated Medical Loss Ratio does not have the unintended consequences of increasing premiums, discouraging competition in the individual market and limiting consumer choice. We believe those receiving state subsidies should not be driven into a state-run purchasing pool, but instead should have the same choices as their non-subsidized neighbors. We believe a minimum benefit package needs to be defined in legislation in order to determine the financial and market impact of the reform package," said Katz.
Katz urged Health Committee members to consider the Healthy Solutions health care reform package developed by CAHU, much of which is supported by NAIFA-California as a way to "improve today's system without destroying what works for so many of your constituents. You'll hear a great deal today about what's wrong with our health care system. We agree with some of these observations, but we also want to point out that Californians enjoy lower premiums and more coverage choices than most Americans."
CAHU and NAIFA-California represent, health and life insurance agents and brokers as well as financial advisors. Their combined memberships include over 7,500 insurance professionals who serve as counselors and advocates for millions of Californians.
Healthy Solutions may be downloaded at http://www.cahuhealthysolutions.org/. For more information, or to arrange an interview with CAHU industry experts, please contact Cynthia Downing at 800/322-5934.
Source: California Association of Health Underwriters
CONTACT: Cynthia Downing, Executive Director of CAHU, 1-800-322-5934
Web site: http://www.cahuhealthysolutions.org/
AGENT ASSOCIATIONS REMIND LAWMAKERS CALIFORNIA PREMIUMS ARE 17 PERCENT BELOW NATIONAL AVERAGE
SACRAMENTO, Calif., Oct. 31 /PRNewswire-USNewswire/ --
At the Assembly Health Committee's hearing on Governor Arnold Schwarzenegger's health care reform plan, the California Association of Health Underwriters (CAHU) and the National Association of Insurance and Financial Advisors-California (NAIFA-California) urged lawmakers to avoid the mistakes made in New York and New Jersey, mistakes that have resulted in premiums more than 350 percent higher than in California, reminding them that individual health insurance premiums are 17 percent below the national average.
New York and New Jersey's mistakes were in mandating carriers to accept all applicants for coverage without effectively requiring residents to obtain coverage. "Without a requirement to both buy and to sell coverage, the cost of health insurance will skyrocket," warned Alan Katz, an independent health insurance agent and Vice President of Public Affairs for CAHU who spoke on behalf of both associations. "New York and New Jersey have demonstrated that if done wrong, the result is a health care reform tax on citizens who play by the rules. This tax is substantial and it's grossly unfair."
The agent groups noted that requiring Californians to obtain coverage means helping those for whom premiums are too expensive and called for premium subsidies, on a sliding scale, for residents in households earning up to 400 percent of the Federal Poverty Level ($82,600 for a family of four).
The associations also urged legislators to deliver on the promises it has made to the people of California before making new ones. "Nearly one million Californians are eligible for, but are not enrolled in, Healthy Families and Medi-Cal. The state needs to prove it can fix this travesty before promising to expand these programs or creating new ones. Yet the most recent budget cut roughly $66 million targeted for this purpose. Making promises is easy. Delivering on them is tough, but making those promises real is what Californians deserve," Katz declared.
The associations' testimony identified several areas where reform is needed, including achieving universal coverage and controlling skyrocketing medical costs. Katz noted that "health insurance premiums directly reflect the cost of medical care" and commended the Governor for proposing ways of reigning in these costs by seeking to leverage technology, improve medical outcomes, promote best practices and expand wellness and prevention programs.
The agent associations took issue with other aspects of the Administration's health care reform plan. "We believe regulators need to have the flexibility to assure a mandated Medical Loss Ratio does not have the unintended consequences of increasing premiums, discouraging competition in the individual market and limiting consumer choice. We believe those receiving state subsidies should not be driven into a state-run purchasing pool, but instead should have the same choices as their non-subsidized neighbors. We believe a minimum benefit package needs to be defined in legislation in order to determine the financial and market impact of the reform package," said Katz.
Katz urged Health Committee members to consider the Healthy Solutions health care reform package developed by CAHU, much of which is supported by NAIFA-California as a way to "improve today's system without destroying what works for so many of your constituents. You'll hear a great deal today about what's wrong with our health care system. We agree with some of these observations, but we also want to point out that Californians enjoy lower premiums and more coverage choices than most Americans."
CAHU and NAIFA-California represent, health and life insurance agents and brokers as well as financial advisors. Their combined memberships include over 7,500 insurance professionals who serve as counselors and advocates for millions of Californians.
Healthy Solutions may be downloaded at http://www.cahuhealthysolutions.org/. For more information, or to arrange an interview with CAHU industry experts, please contact Cynthia Downing at 800/322-5934.
Source: California Association of Health Underwriters
CONTACT: Cynthia Downing, Executive Director of CAHU, 1-800-322-5934
Web site: http://www.cahuhealthysolutions.org/
Friday, October 19, 2007
Free Books On Insurance and Other Subjects
Browse Free Online Books and eBooks:
A career in consumer economics and social insurance : oral history transcript / and related material, 1969-1971 by Huntington
America's Children: Health Insurance And Access To Care by Margaret Edmunds And Molly Joel Coye
An essay on probabilities : and on their application to life contingencies and insurance offices by De Morgan
Coverage Matters: Insurance And Health Care by Committee On The Consequences Of Uninsurance
Cutting Taxes For Insuring: Options And Effects Of Tax Credits For Health Insurance by Mark V. Pauly And Bradley Herring Mirror
Data Needs For The State Children's Health Insurance Program by Panel For The Workshop On The State Children`s Health Insurance Program
doBookBodyMid();
Earl Warren and health insurance : 1943-1949 : transcripts, 1970 by Earl Warren Oral History Project Bancroft Library
Health Insurance Among Children Of Unemployed Parents by Jacob A. Klerman Mirror
Health Insurance Is A Family Matter by Committee On The Consequences Of Uninsurance
Information Warehouse in the Insurance Industry by Ibm
Insurance by K.t. Shah
Insurance Deregulation And The Public Interest by Scott E. Harrington
Insurance In The General Agreement On Trade In Services by Harold D. Skipper Mirror
Manual of compensation and liability insurance ; rules and rates by National Workmen`s Compensation Service Bureau
Manual of liability and workmen's compensation insurance. Rules and rates for the State of California. Issue of September, 1911 by Fidelity And Casualty Company Of New York
Mr. Honey's Insurance Dictionary English-German by Honig
Mr. Honey's Insurance Dictionary German-English by Honig
Notes on life insurance, the theory of life insurance practically explained; an elementary treatise on the principles governing life insurance, and their technical application. Designed especially for the use of colleges, students and all persons interested in the subject by Fackler
Paying The Price: The Status And Role Of Insurance Against Natural Disasters In The United States by Howard Kunreuther And Richard J. Roth Mirror
Proceedings (revised) of the Special Committee appointed to consider questions relating to the pensions, insurance and re-establishment of returned soldiers by Canada. Parliament. House Of Commons. Special Committee On Pensions
Responsible Tax Credits For Health Insurance by Mark V. Pauly And John S. Hoff Mirror
Slavery Era Insurance Registry by California Department Of Insurance
Social Insurance: A Program Of Social Reform by Henry R. Seager
Special Committee on Pensions, Insurance and Re-establishment of Returned Soldiers by Canada. Parliament. House Of Commons. Special Committee On Pensions Mirror
Systems Of Accountability: Implementing Children's Health Insurance Programs by Margaret Edmunds And Molly Joel Coye
Third party insurance by Batten
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A career in consumer economics and social insurance : oral history transcript / and related material, 1969-1971 by Huntington
America's Children: Health Insurance And Access To Care by Margaret Edmunds And Molly Joel Coye
An essay on probabilities : and on their application to life contingencies and insurance offices by De Morgan
Coverage Matters: Insurance And Health Care by Committee On The Consequences Of Uninsurance
Cutting Taxes For Insuring: Options And Effects Of Tax Credits For Health Insurance by Mark V. Pauly And Bradley Herring Mirror
Data Needs For The State Children's Health Insurance Program by Panel For The Workshop On The State Children`s Health Insurance Program
doBookBodyMid();
Earl Warren and health insurance : 1943-1949 : transcripts, 1970 by Earl Warren Oral History Project Bancroft Library
Health Insurance Among Children Of Unemployed Parents by Jacob A. Klerman Mirror
Health Insurance Is A Family Matter by Committee On The Consequences Of Uninsurance
Information Warehouse in the Insurance Industry by Ibm
Insurance by K.t. Shah
Insurance Deregulation And The Public Interest by Scott E. Harrington
Insurance In The General Agreement On Trade In Services by Harold D. Skipper Mirror
Manual of compensation and liability insurance ; rules and rates by National Workmen`s Compensation Service Bureau
Manual of liability and workmen's compensation insurance. Rules and rates for the State of California. Issue of September, 1911 by Fidelity And Casualty Company Of New York
Mr. Honey's Insurance Dictionary English-German by Honig
Mr. Honey's Insurance Dictionary German-English by Honig
Notes on life insurance, the theory of life insurance practically explained; an elementary treatise on the principles governing life insurance, and their technical application. Designed especially for the use of colleges, students and all persons interested in the subject by Fackler
Paying The Price: The Status And Role Of Insurance Against Natural Disasters In The United States by Howard Kunreuther And Richard J. Roth Mirror
Proceedings (revised) of the Special Committee appointed to consider questions relating to the pensions, insurance and re-establishment of returned soldiers by Canada. Parliament. House Of Commons. Special Committee On Pensions
Responsible Tax Credits For Health Insurance by Mark V. Pauly And John S. Hoff Mirror
Slavery Era Insurance Registry by California Department Of Insurance
Social Insurance: A Program Of Social Reform by Henry R. Seager
Special Committee on Pensions, Insurance and Re-establishment of Returned Soldiers by Canada. Parliament. House Of Commons. Special Committee On Pensions Mirror
Systems Of Accountability: Implementing Children's Health Insurance Programs by Margaret Edmunds And Molly Joel Coye
Third party insurance by Batten
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Thursday, October 18, 2007
Practices in Health & Disability Insurance - The Lives & Wealth They Cost America
18 Oct 2007 01:09 Africa/Lagos
Practices in Health & Disability Insurance - The Lives & Wealth They Cost America
SANTA ROSA, Calif., Oct. 17 /PRNewswire-USNewswire/ --
Health and disability insurance companies are systematically cheating the American public.
The results of an investigation of practices by health and disability insurers and their effect on America are detailed in this new JustHealth- funded study.
Insurers provide no healthcare goods or services.
Health insurance costs are rising 2-to-3 times faster than inflation. Medical debt is the number one cause of personal bankruptcy.
We pay much more per capita and get less healthcare than the rest of the industrialized world.
Approximately 16% of Americans are uninsured, 18,000 die prematurely each year because of this. Many more die because their insurers delay, diminish, or deny payment for promised benefits.
Reports about people dying from insurer misconduct seldom receive broad coverage in the media. Lack of media coverage has led to a nation uninformed about how our national health policies are controlled by the insurance industry.
Insurance companies are in business to make as much money as possible. They do so by systematically delaying, diminishing, and denying payment for promised services, and blaming individuals for their own misfortune.
On the boards of directors of the 9 largest insurance companies are 113 people. They hold 150 past and/or present positions with major financial or investment institutions, and are connected to some of the largest corporations in the world. Their combined affiliations represent 2006 revenue of over $2,500,000,000,000.
They spend millions on campaign donations, lobbying and media saturation to convince us that we need them, despite overwhelming evidence that we would all be better off without them.
Spending for administrative costs associated with health insurance exceeds 30% of health care costs in the US...and insurance companies provide no health care. They are just middlemen.
Americans have a choice: continue with a profit-driven insurance system in which insurers systematically delay, diminish, and deny promised benefits -- leaving millions of Americans without necessary care; or we can build a common pool health care system that provides necessary care to everyone -- for less than what we are paying now.
-- Peter Phillips: Professor of Sociology, Sonoma State University and Director of Project Censored. Bridget Thornton: graduate student, Interdisciplinary Studies Program. All statements above are fully documented in their new study "Practices in Health Care and Disability Insurance: Delay, Diminish Deny and Blame" -- http://www.justhealthnow.org/.
Source: JustHealth
CONTACT: JustHealth, +1-888-225-2686, johnmetz@justhealthnow.org; or
Peter Phillips, +1-707-664-2588
Web site: http://www.justhealthnow.org/
Practices in Health & Disability Insurance - The Lives & Wealth They Cost America
SANTA ROSA, Calif., Oct. 17 /PRNewswire-USNewswire/ --
Health and disability insurance companies are systematically cheating the American public.
The results of an investigation of practices by health and disability insurers and their effect on America are detailed in this new JustHealth- funded study.
Insurers provide no healthcare goods or services.
Health insurance costs are rising 2-to-3 times faster than inflation. Medical debt is the number one cause of personal bankruptcy.
We pay much more per capita and get less healthcare than the rest of the industrialized world.
Approximately 16% of Americans are uninsured, 18,000 die prematurely each year because of this. Many more die because their insurers delay, diminish, or deny payment for promised benefits.
Reports about people dying from insurer misconduct seldom receive broad coverage in the media. Lack of media coverage has led to a nation uninformed about how our national health policies are controlled by the insurance industry.
Insurance companies are in business to make as much money as possible. They do so by systematically delaying, diminishing, and denying payment for promised services, and blaming individuals for their own misfortune.
On the boards of directors of the 9 largest insurance companies are 113 people. They hold 150 past and/or present positions with major financial or investment institutions, and are connected to some of the largest corporations in the world. Their combined affiliations represent 2006 revenue of over $2,500,000,000,000.
They spend millions on campaign donations, lobbying and media saturation to convince us that we need them, despite overwhelming evidence that we would all be better off without them.
Spending for administrative costs associated with health insurance exceeds 30% of health care costs in the US...and insurance companies provide no health care. They are just middlemen.
Americans have a choice: continue with a profit-driven insurance system in which insurers systematically delay, diminish, and deny promised benefits -- leaving millions of Americans without necessary care; or we can build a common pool health care system that provides necessary care to everyone -- for less than what we are paying now.
-- Peter Phillips: Professor of Sociology, Sonoma State University and Director of Project Censored. Bridget Thornton: graduate student, Interdisciplinary Studies Program. All statements above are fully documented in their new study "Practices in Health Care and Disability Insurance: Delay, Diminish Deny and Blame" -- http://www.justhealthnow.org/.
Source: JustHealth
CONTACT: JustHealth, +1-888-225-2686, johnmetz@justhealthnow.org; or
Peter Phillips, +1-707-664-2588
Web site: http://www.justhealthnow.org/
Thursday, October 04, 2007
Dear Entrepreneur: Tips for Buying Insurance
Dear Entrepreneur: Tips for Buying Insurance
ONTARIO, Calif., Oct. 2 /PRNewswire/ --
When making choices to protect your business, yourself and your family, the subject of insurance can cause confusion, says Frank N. Darras, the nation's leading disability and long-term care insurance lawyer.
(Photo: http://www.newscom.com/cgi-bin/prnh/20070717/NYFNSC02)
Entrepreneurs have complex choices of health-related insurance plans ranging from: Disability to Long-Term Care; with a plethora of other offerings for special health considerations. Even the savviest shopper can get overwhelmed reviewing policies that promise to pay the bills, should the unthinkable happen.
Darras says, "Comparing features, advantages and benefits of different policies is tough; but putting off making decisions that can affect the rest of your lives, can be dangerous." See http://www.darrasnews.com/.
Determine where your financial risks are the highest, says Darras. Once you prioritize your risks, you should be able to choose insurance policies that can protect you best.
Darras suggests:
DISABILITY INSURANCE
-- Get disability coverage when you're young.
-- Consider "own occupation" policies.
-- Beware clauses limiting coverage to 24 months, after that, requirements
change and you could be denied coverage.
-- Understand the 'limitation on benefits'.
-- Group disability coverage from work does not protect you and it's
taxable.
LIFE INSURANCE
-- Life insurance may not be necessary if no one depends on you for
income, financial support and you have enough money for burial and
funeral expenses.
-- Life insurance helps leave our loved ones financially secure, in the
event of a tragedy.
-- Have a reliable second party listed on your policy so they can be
notified if you miss paying a premium.
-- Make sure you have 'waiver of premium".
LONG-TERM CARE
-- If you are under 59, you are too young to shop for long-term care.
-- If you are older, understand what services long-term care policies
cover and who provides the care.
-- Make sure the policy allows for care: in your home, by a family member
or friend, in the home of a family member, in an adult care service
facility, in an assisted living facility, a hospice facility or in a
nursing home.
-- Understand the terms: custodial, intermediate and skilled care.
Darras says, "Never buy from a company you don't recognize! Paying really cheap premiums to a company that won't be in business in 20 years can be devastating."
See http://www.darrasnews.com/ or call 800-458-4577.
Available Topic Expert(s): For information on the listed expert(s), click appropriate link. Frank N. Darras
http://profnet.prnewswire.com/Subscriber/ExpertProfile.aspx?ei=39767
Photo: NewsCom: http://www.newscom.com/cgi-bin/prnh/20070717/NYFNSC02
AP Archive: http://photoarchive.ap.org/
PRN Photo Desk, photodesk@prnewswire.com
Source: Frank N. Darras
CONTACT: Robin Nolan, +1-650-279-9512, robin@mcdavidpr.com, for Frank N.
Darras
Web site: http://www.darrasnews.com/
NOTE TO EDITORS: Darras available for interviews.
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